“foreign exchange gain or loss”

JUNGHEINRICH LIFT TRUCK INDIA PRIVATE LIMITED,MUMBAI vs. ASSESSMENT UNIT, NATIONAL E ASSESSMENT CENTRE- DELHI, DELHI

In the result, the appeal is accordingly allowed for statistical purposes

Bench: Ms. Padmavathy S & Shri Raj Kumar Chauhanvs. Assessment Jungheinrich Lift Truck Unit/Nfac/Dcit India Private Limited Circle 15(1)(2), 4Th Floor, Delphi A Wing, Mumbai Central Avenue, Aayakar Bhavan, Hiranandani, Business Mumbai. Park, Powai, Mumbai, Maharashtra-400 076 Pan/Gir No. Aaccj7808G (Applicant) (Respondent) Assessee By Shri Ajit Jain / Shri Siddesh Chaugule / Shri Rishab Parekh, Ld. Ars Revenue By Shri Kiran Unavekar, Sr. Dr Date Of Hearing 05.03.2025 Date Of Pronouncement 21.05.2025 आदेश / Order Per Raj Kumar Chauhan, Jm: This Appeal Is Directed Against The Assessment Order Dated 26.06.2024 Passed By Assessment Unit (Hereinafter Referred As Ld. Ao) For Ay 2020-21 In Pursuance To The Direction Of Ld. Drp-1, Mumbai Dated 14.06.2024

date of booking, amount of expenditure booked in Indian rupee, date of actual payment, exchange rate on date of payment, resultant foreign exchange gain or loss, landed cost number, invoices number, vendor details and bank payment reference. All these details conclusively shows that the assessee has incurred foreign exchange loss

KGK CREATIONS PRIVATE LIMITED,MUMBAI vs. CIRCLE 2(2)(1), MUMBAI

In the result, ground No. 9 to 13 are allowed

Bench: Shri Pawan Singh & Shri Girish Agrawalkgk Creations Private Limited Jurisdiction Assessing Officer Gj-10, Seepz Sez, Seepz S.O. Vs. (Jao) Mumbai 400096, Circle 2(2)(1), Mumbai Aayakar Pan No. Aabck0378H Bhawan, Mumbai Appellant/ Assessee Respondent/ Revenue Assessee Represented By Shri Vijay Mehta Ca / Ar Department Represented By Shri Kiran Unavekar Sr. Dr. Date Of Hearing 17/03/2025 Date Of Pronouncement 28/03/2025

same is applicable only in case where the assessee has opted for it. Various Higher Courts had taken view that the Foreign Exchange gain or loss arising out of normal business operation is to be considered as operating in nature. Such view has been taken by Courts after considering effect ... assessee submits that in series of decision, it has been held than foreign exchange gain or loss to be operating in nature including by Bombay High Court in CIT Vs. Tetra Pak India Private Limited (ITA No. 876 of 2016). The assessee was consistently following practice of treating such foreign

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE- 3(4) MUMBAI, MUMBAI vs. THE SHIPPING CORPORATION OF INDIA LIMITED, MUMBAI

In the result, appeal of the assesse is allowed and that of the\nrevenue is dismissed

ncontext of computation of deduction under section 80HHC, as cited by the learned\n'counsel, the Courts have invariably held that the foreign exchange gain or loss\ndirectly relates to the export and same is qualified for the purpose of deduction.\nThe same logic will follow here also and, therefore

THE SHIPPING CORPORATION OF INDIA,MUMBAI vs. DCIT-3(4), MUMBAI

In the result, appeal of the assesse is allowed and that of the\nrevenue is dismissed

ncontext of computation of deduction under section 80HHC, as cited by the learned\n'counsel, the Courts have invariably held that the foreign exchange gain or loss\ndirectly relates to the export and same is qualified for the purpose of deduction.\nThe same logic will follow here also and, therefore

ACIT-23(1), MUMBAI, PIRAMAL CHAMBER, MUMBAI vs. PARISHI DIAMONDS, MUMBAI

In the result, the appeal of the Revenue is dismissed

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2012-13 Acit-23(1), Parishi Diamonds, 511, 5Th Floor, Piramal Chamber, Cc2091 To Cc 2093 Tower Central Vs. Lalbaug, Parel, Wings Bharat Diamond Bourse Bandra Mumbai-400012. Kurla Complex, Bandra East, Mumbai-400051. Pan No. Aajfp 2118 B Appellant Respondent

treatment given to Foreign exchange gain Please explain the treatment given to Foreign exchange gain Please explain the treatment given to Foreign exchange gain or loss i or loss in arriving at the ALP of the International transaction n arriving at the ALP of the International transaction as well

DEPUTY COMMISSIONER OF INCOME TAX CC-7(3), MUMBAI vs. M/S MACROTECH DEVELOPERS LIMITED (FORMERLY KNOWN AS LODHA DEVELOPERS PVT LTD) (SUCCESSOER OF M/S BELLISSIMO CROWN BUILDMART PVT LTD ), MUMBAI

Accordingly should be allowed as a deduction

Bench: Shri Kuldip Singh () & Ms. Padmavathy S. ()

material purchased by the assessee for its construction activity business is debited to the profit and loss account of the assessee. The foreign exchange gain or loss arises when the amount of sundry creditors outstanding at the time of payment are settled. The sundry creditors are the monetary items ... Even as per the Accounting Standard 2, monetary items are not required to be carried to the cost of inventory. Therefore, the foreign exchange gain or loss arising on settlement of dues of sundry creditors does not have any correlation with the cost of inventory or putting 88 the present

DEPUTY COMMISSIONER OF INCOME TAX, CC-7(3), MUMBAI vs. M/S MACROTECH DEVELOPERS LIMITED , MUMBAI

Accordingly should be allowed as a deduction

Bench: Shri Kuldip Singh () & Ms. Padmavathy S. ()

material purchased by the assessee for its construction activity business is debited to the profit and loss account of the assessee. The foreign exchange gain or loss arises when the amount of sundry creditors outstanding at the time of payment are settled. The sundry creditors are the monetary items ... Even as per the Accounting Standard 2, monetary items are not required to be carried to the cost of inventory. Therefore, the foreign exchange gain or loss arising on settlement of dues of sundry creditors does not have any correlation with the cost of inventory or putting 88 the present

DDIT (IT)-2(1), MUMBAI vs. STANDARD CHARTERED BANK, MUMBAI

Accordingly, Ground No. 11 raised by the Revenue is dismissed

Assessee on the date of actual settlement of the aforesaid forward contracts in order to avoid double taxation of the same foreign exchange gain or loss. In terms of the aforesaid Ground No. 4 raised by the Revenue is allowed. 8 Ground No.5: “On the facts and in the circumstances

JUNGHEINRICH LIFT TRUCK INDIA PRIVATE LIMITED,MUMBAI vs. ACIT-CIRCLE 15(1)(2), MUMBAI

In the result appeal of the assessee is allowed for statistical purposes

Bench: Shri Prashant Maharishi, Am & Shri Kuldip Singh, Jm Jungheinrich Lift Truck India Asst. Commissioner Of Income Private Limited 203 204, 2 N D Floor Tax Vs. Delphi A Wing, Central Avenue, Circle 15(2)(2) Hiranandani Business Park, Powai, Mumbai Mumbai-400 076 (Appellant) (Respondent) Pan No. Aaccj7808G

date of booking, amount of expenditure booked in Indian rupee, date of actual payment, exchange rate on date of payment, resultant foreign exchange gain or loss, landed cost number, invoices number, vendor details and bank payment reference. All these details conclusively shows that the assessee has incurred foreign exchange loss

MACROTECH DEVELOPERS LTD.(SUCCESSOR TO BELLISSIMO CROWN BUILDMART PVT LTD.,,MUMBAI vs. DCIT CENTRAL CIRCLE 7(3), MUMBAI

The appeal is allowed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

dated 3/6/2019 wherein the coordinate bench has held that for the purpose of valuation of the closing stock of inventory, foreign exchange gain or loss is not to be included. He specifically referred to paragraph number [8] of that order. He further submitted that in ITA number ... coordinate bench per paragraph ITA Nos. 2266 & 2239/Mum/2022 Macrotech Developers Ltd; A.Ys. 17-18 & 18-19 number 10 has held that foreign exchange gain or loss does not increase or decrease the value of the cost of the raw material and therefore it is not required to be included